Tuesday, 30 May 2023

Crypto Mining News

WEF’s promo video shows Bitcoin mining, but it leaves out the B-word

WEF’s promo video shows Bitcoin mining, but it leaves out the B-word

The World Economic Forum (WEF) showcased the facilities and tech employed by a cryptocurrency mining firm and implied its operations were the “biggest winner” for the environment — but it never actually said it was mining crypto.

Published on April 20, the WEF video promoted efforts towards reducing flaring — where large amounts of gas from oil production or from decomposition are wasted — by the Colorado-based Bitcoin (BTC) miner Crusoe Energy Systems.

Prominent imagery of what appear to be cryptocurrency mining facilities are presented throughout the video; however, the video never directly addresses what is actually happening.

The video (screenshot) appears to show a facility housing Bitmain Antminer mining rigs but is referred to as a data center. Source: WEF

Chase Lochmiller, CEO, and co-founder of Crusoe explained in the video that it builds and operates “modular data centers” which are co-located with waste energy sources to use wasted methane streams to generate power.

It was noted this enables the production of “ultra-low-cost computing infrastructure” by utilizing stranded energy sources that would otherwise go unused.

A still from the video showing a close-up of what appears to be a Bitmain Antminer mining rig. Source: WEF

The video was noticed by several crypto industry figures.

Microstrategy co-founder Michael Saylor shared the video with his 3 million Twitter followers on April 23 stating that “even the WEF is recognizing the environmental benefits of Bitcoin Mining.”

Meanwhile, Kristine Cranley, a director at the advocacy group the Texas Blockchain Council pointed out in an April 23 tweet that the video didn’t once mention “the b word”: Bitcoin.

One user suggested in a tweet that the WEF wasn’t allowed to mention BTC, because of their previous “standpoint” which has included advocacy for changing Bitcoin’s code to proof-of-stake citing the environmental impact of its current consensus mechanism.

Click Here to Read the Full Original Article at Cointelegraph.com News…